Terms Of Sale Remote Bidding Authorized (Foreclosure)

TERMS OF SALE REMOTE BIDDING AUTHORIZED. This form is used in the Supreme Court of New York for the sale of real property through a judicial foreclosure. It outlines the terms and conditions for the sale, specifying the responsibilities and obligations of the purchaser and seller. The highest bidder must acknowledge and agree to the terms, including a 10% deposit at the time of sale, except for remote bidders who have different deposit conditions. The remaining purchase price must be paid by a specified date, with time being of the essence. The sale is "as is," and the purchaser accepts all existing conditions, rights, and liens. The purchaser is responsible for all closing costs, taxes, and any additional expenses arising from delays. The form details procedures for handling title defects and adjustments for calculation errors. If the purchaser defaults, they forfeit the deposit, and the property may be resold. The form includes clauses about non-reliance on outside representations, the binding nature of the terms, and severability. www.FormsWorkflow.com